Sunday, 19 September, 2021

Apparel exporters worry over rising yarn prices

  • Special Correspondent
  • 9 August, 2021 12:00 AM
  • Print news
Apparel exporters worry over rising yarn prices
BGMEA President Faruque Hassan presides over a meeting at BGMEA office in the capital on Sunday. Leaders of BKMEA, BTTLMEA were present the meeting

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Apparel exporters expressed their concerns over the rise in yarn prices in local market.

They said retail sales grew sharply in the Europe and the US as stores are opening following mass vaccination in the western countries. “As a result a lot of work orders are coming to Bangladesh. But unusual increase in yarn prices in the domestic market has made it difficult for the garment manufacturers to take the increased orders.”

Leaders of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Terry Towel & Linen Manufacturers & Exporters Association (BTTLMEA) expressed their worries during a meeting held at BGMEA office in Dhaka yesterday.

BGMEA President Faruque Hassan chaired the meeting which was attended by BGMEA Vice President Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam, Directors Asif Ashraf, Md MohiuddinRubel, Abdullah HilRakib, Rajiv Chowdhury, former Director AshikurRahmanTuhin, First Vice President of BKMEA Mohammad Hatem, Director FazleeShamimEhsan, and BTTLMEA Chairman M ShahadatHossain.

They said the local mills are increasing yarn prices every day and providing proforma invoice (PI) with a short time limit which makes it difficult to open LC in such a short time. Even many factories are taking work orders under breakeven point only to stay in business. Buyers do not increase apparel prices as they only look at FOB. The problem is impacting the competitiveness of Bangladesh’s RMG industry.